August 21, 2019
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The Florida Statutes

The 2010 Florida Statutes(including Special Session A)

Title XL
REAL AND PERSONAL PROPERTY
Chapter 718
CONDOMINIUMS
View Entire Chapter
F.S. 718.704
718.704 Assignment and assumption of developer rights by bulk assignee; bulk buyer.
(1) A bulk assignee assumes and is liable for all duties and responsibilities of the developer under the declaration and this chapter, except:
(a) Warranties of the developer under s. 718.203(1) or s. 718.618, except for design, construction, development, or repair work performed by or on behalf of such bulk assignee;
(b) The obligation to:
1. Fund converter reserves under s. 718.618 for a unit that was not acquired by the bulk assignee; or
2. Provide converter warranties on any portion of the condominium property except as expressly provided by the bulk assignee in the contract for purchase and sale executed with a purchaser and pertaining to any design, construction, development, or repair work performed by or on behalf of the bulk assignee;
(c) The requirement to provide the association with a cumulative audit of the association’s finances from the date of formation of the condominium association as required by s. 718.301(4)(c). However, the bulk assignee must provide an audit for the period during which the bulk assignee elects a majority of the members of the board of administration;
(d) Any liability arising out of or in connection with actions taken by the board of administration or the developer-appointed directors before the bulk assignee elects a majority of the members of the board of administration; and
(e) Any liability for or arising out of the developer’s failure to fund previous assessments or to resolve budgetary deficits in relation to a developer’s right to guarantee assessments, except as otherwise provided in subsection (2).

The bulk assignee is also responsible for delivering documents and materials in accordance with s. 718.705(3). A bulk assignee may expressly assume some or all of the obligations of the developer described in paragraphs (a)-(e).

(2) A bulk assignee receiving the assignment of the rights of the developer to guarantee the level of assessments and fund budgetary deficits pursuant to s. 718.116 assumes and is liable for all obligations of the developer with respect to such guarantee, including any applicable funding of reserves to the extent required by law, for as long as the guarantee remains in effect. A bulk assignee not receiving such assignment or a bulk buyer does not assume and is not liable for the obligations of the developer with respect to such guarantee, but is responsible for payment of assessments in the same manner as all other owners of condominium parcels.
(3) A bulk buyer is liable for the duties and responsibilities of the developer under the declaration and this chapter only to the extent provided in this part, together with any other duties or responsibilities of the developer expressly assumed in writing by the bulk buyer.
(4) An acquirer of condominium parcels is not a bulk assignee or a bulk buyer if the transfer to such acquirer was made before the effective date of this part with the intent to hinder, delay, or defraud any purchaser, unit owner, or the association, or if the acquirer is a person who would be considered an insider under s. 726.102(7).
(5) An assignment of developer rights to a bulk assignee may be made by the developer, a previous bulk assignee, or a court acting on behalf of the developer or the previous bulk assignee. At any particular time, there may be no more than one bulk assignee within a condominium, but there may be more than one bulk buyer. If more than one acquirer of condominium parcels in the same condominium receives an assignment of developer rights from the same person, the bulk assignee is the acquirer whose instrument of assignment is recorded first.
History.s. 18, ch. 2010-174.
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